KWEICHOW MOUTAI(SH:600519) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-10 01:44Group 1 - The market experienced fluctuations on November 7, with all three major indices rising and then retreating [1] - The Tianhong Food and Beverage ETF (159736) closed flat, with notable gains in constituent stocks such as Yuegui Co., which rose over 3%, along with other stocks like COFCO Sugar, Dongpeng Beverage, and Baba Food [1] - According to Wind data, the Tianhong ETF saw a net inflow of over 45 million yuan over the past week, marking five consecutive days of capital inflow [1] Group 2 - The Tianhong Food and Beverage ETF tracks the CSI Food and Beverage Index, focusing on leading stocks in high-end and mid-range liquor, while also covering leading companies in beverages, dairy, condiments, and beer [1] - Guizhou Moutai held a performance briefing on November 6, where it was reported that sales of Moutai 1935 wine significantly increased year-on-year in September and October, and the inventory-to-sales ratio for other series of liquor products is declining [1] - Current inventory-to-sales ratios for Moutai's flagship product are at a healthy level, while other premium products are at relatively reasonable levels [1] Group 3 - CICC predicts that the liquor industry will see improvements in financial statements by 2026, with a clearer upward turning point emerging [1] - The industry is expected to begin a phased recovery starting in the first half of next year, with leading liquor companies benefiting the most due to their fundamental recovery and long-term market share logic [1] - CITIC Securities indicates that the food and beverage industry is gradually finding a bottom, suggesting that current low valuations in the liquor sector present a valuable investment opportunity [2] - The domestic economy is expected to stabilize and recover, allowing cyclical industries like liquor to re-enter a high growth phase [2]